完整版米什金《金融市场与金融机构》课后习题及其答案.docx

完整版米什金《金融市场与金融机构》课后习题及其答案.docx

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完整版米什金《金融市场与金融机构》课后习题及其答案

Chapter1

WhyStudyFinancialMarketsandInstitutions?

WhyJitudyniHiitUI

（X-hiMuktijTtdliKuics）RiHts

1IkSk）ckVlarkcl

I'bcHcn?

ignExctiartgcVlarbtcL

WlhySta4*P[naiici：

iltnstilirtiouB?

CcnlralBiinksandtheCpfldutlofMtmcldiyMicySiiutiuri^uriliLFbi茁loE時m

H^irtk\riilLU^hCfhit;ilb

Inn水iiMun

MunigtAgRiskinFinmet[nsliLulions

戈pp欣dWImfi邮rriulPmiyKt^ivr

Ilin*w«isnid）Fihrind*!

M^irkusivndinsniuriinu

H'tpliiringIhcWeb

Collrclirig4iidGruphin^Dutu

WebLsrrdsc

CouUnQIi呛Rtniiii'k^

AnswersloEnd-of-ChapterQuestions

Bcciivsetheychannelfundsfromthosewhodonothaveuprudiictivcusefor（hemtoihusewhi?

du,（herebyr?

suitinginhigherpconciiiiicelVirieiicy.

businesseswtinldcuiinveMmenrspendingbecausethecosIcffinancingibisspendinfEistx>wtii罠Iwr.iindQOiisunKr^wvuldbe1&汕likelyIvpurvkjvcaImii^cordcarbecausetItc4；：

ustvTtlnuncingtheirpunchusvkhigher-

jt.

Adiiin^eirinreresriiitcia^Jefb〔tieawtcf机縄uiringfiinthUrhiundalinsrittitum加welliuchuiigtAilieiiicuiTu;

interestrules4（fcc[thepriceofii&ictsiuthusslockundtwndiiihulihcfinunculinslituliunownswhichcankijdloprefixurli>£也氛

4.

>io.Pefiplewht）btJtrtiwlopiurlui｝址ihouseor;icirarcoffbecauseitcostsihemmuretoRnanceIheirputhjhc,however^iiuvcRibcnclllbcuuiwtlic>cancumhigheriixcrcstrulesontlicirsu^inj^

5.

ThelowerpicefurufinrT占khurc帕mciimthutitcurttuiwafirnulkrijmuuntoffund屛andginveiftrenrinphnrand氏|iii|imentwilltalk

Higherpricesmeanthut怖githishigltci'Jiidwth"willbemerelikelyt»increase

thdrspending*

7.

hnulicxtoreigngniHJsimtrecxpeiijuveand片"HritMic*«illbuytbreigng（KidsiindUlMICdoillCMiCeooUh

ItmaktsBritiili爲pensiverelativetoAmcncangyodb,Amencunbusinesseswillfindit

eiisierrn^cllhcirs（xxl*iniheUnitedSi^bi^sandiihnvtd.undrhedemandfortheirrnducti間IIriw.

Changes^inforeigneKchurtgerateschangelhevalueofasisetsheldbyRnonci^linshtmionsandthu、Icjdlogjm5andlossesunihcseusscb.AIscchitigcbinttireignexchangelutcsaltcctiheprolibmudcbyimdcrsinfurEigitexchangewhuworkfurfinuncidJinstiLutions.

[nmemid-iolate1*7伽（indtheUteHBIHiincJearlyly^tls.rhevalueofthedollarwaslow,matingTravelubreudrelativelymoreespenftive;rhulwculdhitvebeenugoodtimefcvueiitionintheUnitedSlJitCJiandMtrhe（inindC'anyiin.丸电tlicrtnlkir\valuen>scin[hecurlyNSCK.rrjiveIiihnudbcciimcrcluii/clytlfcapcr^mukiiigildgoudtijiictuvhii山匚TitwciufLundun.

HarksaccenJcposilsundthenusethercsuliingtundsWiimkcbuni.

12.

livingsallJUmnussioculions,inutuulsavingsHmb;.creditunicn!

；^insurancecumpaiiici,muniillujitl^,pensionHinds,andfiiunceeortipaniei.

Answerswillv;”ry.

14,

ThtprufifiibihlyoffirmnciulinshUlivn-ji$bychangesinintcivslnites.弑xkpriccii,qixl

ttMTcifinexchangerjtes:

Hiictujrionsinihesev:

iriablesexposetheseinsututionstorkk.

15.

*heFedci^lRi；M：

rveaffectsinterestrytes.inflyiiyn^amibv*ii】e百*cycles,yllufwhichh；ive4J1iintwnyniiiTip^cton[heprefiiubiliiycrrinancia]insMuiiimh

■QuantitativeProbiems

1,Tlielbl]i>whiglabLeli、伽eidiau^erale*LeiweenUSlK川；maidBritishjxHiniEdudi曙A卩ill.

Ditt

VSllolinnpfCBk

Dutf

VSiMlInnpc^rCKP

4/[

1.9564

4/lti

1.751W

4/4

t0293

■VW

1,7255

J/5

1.914

4/2（1

I.WJ4

4/fr

L9374

4/21

L672

4/7

131

4/22

1.66S4

4/H

1牌2$

4/25

1,6674

4/11

1.HS22

4/2（1

i.Wi?

>7

4/12

】加&

4/27

LW25

4713

l.T^j

4/2M

L72111

4/14

1,791）2

4/29

1,75J2

4/15

J.77S5

Which山jyw（.iuldhiivcbeenihebe^tday山convertSUX.）intoBritishpxitids?

Whichdiiywouldhavebeenihcwtirstday?

Whatwouldbethedifferenceinpound,s?

Solution:

ThebestdayisA/2S.A（umicofS1.6674/pountl,youwouldhave£119,95.ThewurM

dayii4/7.Ai119hl/pouncJ.j

Chapter2

OverviewoftheFinancialSystem

■AnswerstoEnd-of^hapterQuestions

LThesharetrfMicrosoftsiodcisanass^tf（iriisownerbccaoseitentirestheownertoastueofthee±irningsandus^jctsofMicrosoft.TheshareisuliabilityforMicrosofttwcuuseitisadxiiinonitscuminjKandh写血&bytheowneroftheshiinc.

2.¥ehIhhciildlakeouliheItwn.becjuwTwillbehellejuffasuresultofdoingroMyintereuiKiymenl丽II诞$4^00（90%yrSS,（WKbinusn他eli,1willlearnanMdi【ioniilSi（WOO..so1willbeaheudorthegumehy$5,500.Sinct【4irry飞bun•sharkinglnJisiiiesj>cunnuikeiomepeoplehetletufGusinibisexample,loonshirkingmuyhavesoeiulbciictltiHlOrcargumcnluguinsilegalizingk>Msharking.IiowcvcnisIKithbfrequtnllyuviuknt

3-Ye*rt>ecjiis£theabsenceoftlnancialmarkeisineinsthatJudiisc:

iriiK）tbech^inneJedtopctipJewhohavetheHistproduclivcUbCfbrthati.Rnlrcprcncurbihcncunnu[acquiretundstosetupbusinc^scaLkiLAVGUJdhe]ptheeconomygrovvlupidly.

4,Theprincipaldehrins;tn[menKn&edwerefnipignhervKwhi匚hwerr^IdinBrir^iinsnddfnnmimuedillpHinds.TiltBriEihliguinedbemuseihe>uercutiletoeumhis/herintcrcsiniiesusuresuli（）rlending怕Articricunj,囂hikih^AmcricunigtiincdIxc-ius^theyAanKqdtvcopitu11qstartup

pralKublebusinessessuchusrailrcaih.

气.Thk^iJT^mfrili\falsePricesinseconttir^-iTinrlctvtieterminclheprice*thulfirmskuiing^fcnril\einxeivvinprimuo'murkn氛Tniiddiltun,setuodurjindrtebiruKcM：

curidusmoreliquidundthusejiiicr10bcllin（heprimjiymurktls.TbcrefcrcTsccunduryiiurLetsare.ifunythinji,myrcimpertuntlhanpriinarvmiirk戲！

l

5.

Yauwoukltaihcrholdbonds,bcv^ufictKinJboklcriarcpiUdoffbclbreequityholders,whourcdieresuluiiluLiimarus.

7.

9.

10.

liecau'^eyouknowyourfamilymemberbelterthiinastninger,屮恥knowmore:

ib（）uttheborrower'sb（nfs（5,pn*peTi!

iiryforri^lct;iking,jid卅herrniirsThereisle*t4i'jiigcr41x1levslikdihuLXlu1111udvct^cAfkclis】prublcitxwitbtlicI'oulLUiuty^umxnxirclikely虻lendtoIhcbinilyincmbci;

LCiiDhhiiiCUIlbe

Thtfvnightn（ithiinJenoughwhileyouunen^jtlookingurmaystc$ilofcummhfrund*

JI.Yck,becunKtevtnifymiknowihM爼hoJTjuerihliikinjuetioiBthjitrugKtjeupardizepa^in^oftthehiairyiiunmsLsiillsiiipthetinmiwertnimidningsis.BecauseihiMmayhecnstly,younuyiiiMspendtlicuiTieandeffVirtloitduteinoi^lhu/aid,undm）nioralh^/urdreowiibaprubkin.

12.True*[fihcrcurcnoinfbmiuCionor[ransuclicmseohLm、poopk;^uldmikcleun^lauihcralno口ktemdwculdthuiihaveri（ineedh^rtlrmnciuliniermediaries.

13.Becausethecomsofinakirgtheloantoyourneighborarehigh（legalfees,fcesToracreditcheckLUid!

MJoiiXyouwillprubiibl>itutbeablelucurii5%ufiIheIoluijflcryourfnpcn*c,eventhoughilhasa10%imcrcKtrule.Y（xiurcbtticrufFdepositing>ourliuvmgswiihufinunjiultnlcrmcdiar^uiidenming5殛intejesL[iiadditiurL>011arelikdy（0bfark»i\riskbydep

14.IncubcildiMu血tjGofivici^LiInuncidlriiidkcbinllicU.S.prc»uiidHicgrowthiniii

Chapter3

WhatUuInterestKatesMeanandWhatisTheirRokinValuation?

Mviitvring[■terfstMiitfls

Pi'cscnlVJiic

FaiulypeiofCiedilMaikelLiisuLiiiKJib

Vieliltn:

Minurity

tilnhalBn*:

hk毀tiveF-HiJIKalPi?

.bpan只仙《£theW：

i/

Th业OtsdnctktiiBttwvcmRviilniidZMinulThmfcMRMl舌

The场MinctionDefn'^enIntcrcHitRatenaadllctums

Mini-CaseBox,WithTITS,RtaiJRalesHaveBelunitOb^trvablemil叱UiiiledSmef

MawriiyundtheVobiilHyofRondRetumii；IniereM-RiHeRi^t

Mini-CaM!

H（iifHelpingfnvc

RtfifiveslineritRisk

Siimman

TheP打Maiiat^er;CikulatingDurationto5UasvrtRisk

CakuLuiingDuution

DurationandTnEeresi-RiiLeRisk

■AnswerstoEnd-of-ChapterQuestions

S2（KU=Sinvd+0+SllHVd+川+…+3J（）I飒If/f+SKkKl/d+『

2.Youuuuldnithcrbeholdinglong44：

nnbomJsbccujsc（heirpricewouldincrcuscmoreUuinthepnee□flhehhun-t芒renHmd%givingihtmahigherreLurii.

3.No.Ifinterestniu：

、riseiturpl>inihcfuLuK.bii^-lcrnibondsiiidyiuffcr>uutidshaiptailinpricethutIhcirreturnmightbequitelvu\阳Mblyevenncgah\c.

4*Peoplearemore[ilielvlobuyhoibesbecausetherealinieresiniLevhenpuirhuHn胃ahuuseha^i（ullenfruiT]3perccnl（=5pcicent-2percent}tuIpcrocm{=10pcixcnt-9percent）.TherealfvstuffiituncingihchousekrhiHkAvci\c#cnthuLighmortgagenifshaverisen.（IfthetmdtdiicHbilityofinteititpa^metiisisallowedfor【heniitecomtsevenmoreJikelyThaipeoplewinijuyhousesJ

■QuantitativeProblem

I.Ctikulatcthepresentvuliicuf$IJXK）zero-canptinbtindwith5ycjrstonuiuirityiftherequireduiinmlinterestniteis6%.

Sfliutio■:

pr=FJ7（iI0",

whciTFV=I（XJO,i=<106、ti=5

Pi'=747,25grxjnlprirek

T*Aluitciyib"indprize海$10millkjfbp巧iibl*tn口-20yvji^ultjOtIJXM）perTftheHrst

pU）i7）Ciiiisnudeiiiuncdiulcl）；wliutisr]iisjcniitdpiizciCiilly洛urth?

L\c

Sulutivni：

Thiiiidsiinplupresentvulucprubkin.UsingdriiiEiiKidlcalculator:

V=20;/W=斤4IJKK】；F/=11;h隔；冲时finBKHKrrvuJe

CompiiiePE卩卩-阪DT9*0阳25

3,Considerabondwitha7%annualeoupcnand